The Central Bank of Egypt (CBE) has revealed that monthly transactions via mobile wallets increased to EGP 100bn in June 2023, an annual increase of 152%.
The Central Bank said, in a statement, that the number of mobile phone wallets recorded 34 million last month, with an annual increase of 20%, pointing out that the number of monthly transactions recorded 85 million, with an annual increase of 130%.
The Central Bank revealed that there are about 30 mobile wallet service providers, including telecom companies and 23 banks.
According to the Central Bank, mobile wallets offer many services, most notably transferring to and from any wallet, and withdrawing and depositing through service providers and bank ATMs.
It is also used in paying bills, renewing licences, and donations, in addition to shopping. You can also create a virtual card for purchases on the Internet and receiving transfers from outside the wallet.